Economic Events: (GMT)
Analysis and Recommendations:
Natural Gas is down trading at 2.615 -0.153 (-5.54%)
The U.S. Energy Information Administration reported that natural gas storage in the U.S. in the week ended January 20 fell by 192 billion cubic feet, after declining by 87 billion cubic feet in the preceding week. Analysts had expected U.S. natural gas storage to drop by 175 billion cubic feet.
Inventories fell by 184 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a decline of 173 billion cubic feet, according to U.S. Energy Department data.
Earlier this week the second largest producer of natural gas, Chesapeake Energy, said they were going to stop production until it was more economically feasible. This drop in production gave NG a boost up and it climbed from a bottom of 2.32 to a high of 2.83, when investors began selling off to take profits.
The USD also plunged today after remarks from the FOMC and the Federal Reserve Director. All commodities and equities soared as the USD dropped.